If you’ve been mixing in the world of startups and tech entrepreneurs then you’ve probably come across this term.
If not you might be asking what is a “pivot” or normally termed “to pivot”
“To Pivot” is a key ingredient to success, or more importantly reducing the risk of failure.
Rather than just shrugging your shoulders, saying sorry and giving up. Pivoting is a tool / method used when your business model isn’t working and you need to look for a Plan B, and pivot.
Although people sometimes see these moments as a failure, or at least they take several deep breaths, they shouldn’t mean desperation. Pivoting should be seen as a positive step with forward thinking actions that allow discovery of different or additional potential.
When you pivot you are looking validate your thoughts or hypotheses around a project, or perhaps feature or function in your product or service.
In essence to pivot is to modify the base foundations of your business model, by reviewing and acting upon the lessons learned to alter your offering and increase the likelihood of a fit with your market.
By pivoting you have taken onboard and understood the comments and feedback from your early target users and used if effectively will help you save time and money.
It is important to note and highlight that because you are pivoting, reacting to feedback and change, that you have not failed. You are simply acting early because you have realised that your approach is not valid.
To achieve a pivot you will need to identify assumptions and run tests and experiments to invalidate your hypotheses, or indeed of course validate them.
If you’re looking for help with your digital product or service then the team at SQUID Digital are experts in this area, having been through this process multiple times, with multiple clients and projects to deliver success.
One last point to note, any product or project assumptions will be subject to market validation and it is likely that you and your team / business, will pivot more than once.
Have faith, carry on and keep pivoting, believe, persist, pivot some more…...you’re on your way to the correct way and ultimately success.